Skip to comments.
Barack Obama assures Asia that US borrowing will not spiral out of control
Telegraph (UK) ^
| 7:36PM GMT 15 Nov 2009
| Ambrose Evans-Pritchard
Posted on 11/15/2009 3:32:12 PM PST by Pan_Yan
President Barack Obama has promised Asia's creditor nations that Washington will not let US borrowing spiral out of control, vowing a major drive to cut the budget deficit and restore global confidence in the US dollar.
"As the economy recovers, I intend to take serious steps to reduce America's long-term deficit," he told the Asia-Pacific Economic Co-operation (APEC) forum in Singapore. "Debt-driven growth cannot fuel America's long-term prosperity."
The assurance comes amid growing doubts across the world over the wisdom of White House spending plans. The US Congressional Budget Office expects the deficit to remain around $1.8 trillion (£600bn) as far ahead as 2019 under current plans, pushing the US national debt into the danger zone.
China, Japan, and other Asian states with large holdings of US Treasury debt fear that Washington may be embarking on a course that will lead to "stealth default" through dollar debasement and creeping inflation. The public mood in the US has also been shifting as the Republicans score points with calls for a return to fiscal rectitude.
The US deficit reached $1.42 trillion in the fiscal year of 2009 and it is expected to top $1.5 trillion in 2010, roughly 10pc of GDP.
APEC leaders said the world economy would never be the same again after the financial trauma of the last year. "The post-crisis landscape will be different. We need a fresh model of economic integration. We cannot go back to 'growth as usual'," they said.
[snip]
Mr Obama gave warning to Asian exporters that they must stand on their own feet in the future rather than feeding off US markets. "We cannot follow the same policies that led to such imbalanced growth.
(Excerpt) Read more at telegraph.co.uk ...
TOPICS: Breaking News; Business/Economy; Foreign Affairs; Front Page News; Government
KEYWORDS: asia; bhoasia; bhochina; bhodeficit; economy; evanspritchard; obama
Navigation: use the links below to view more comments.
first previous 1-20, 21-40, 41-60, 61-80 ... 101-103 next last
To: Pan_Yan
This says enough...
41
posted on
11/15/2009 3:57:10 PM PST
by
TommyDale
(Independent - I already left the GOP because they were too liberal)
To: Pan_Yan
The man is truly a gross incompetent. He has not the first clue about how economics works. Comsumption is not "growth." Investment is "growth."
Debt powering investment is a good thing. Debt powering consumption is the very bullshit we have had and are now paying for. How tragic that chicago slim doesn't know the difference.
To: Pan_Yan
"As the economy recovers, I intend to take serious steps to reduce America's long-term deficit"He assumes the economy will recover in his first term. And he thinks there's only one way to turn the economy around, and that's through government spending- thereby taking on more debt.
To: Pan_Yan
This dude couldn’t run a toy train let alone a small convenience store and especially our government.
44
posted on
11/15/2009 4:00:07 PM PST
by
mcshot
(Our guvmint is not made up of the best and brightest, but they are practiced criminals.)
To: Pan_Yan
The bitch lies about a lot of things...
Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
45
posted on
11/15/2009 4:00:59 PM PST
by
The Comedian
(Evil can only succeed if good men don't point at it and laugh.)
To: Pan_Yan
Barack Obama assures Asia that US borrowing will not spiral out of control Spoken like a true drunken sailor on Saturday morning...
46
posted on
11/15/2009 4:03:16 PM PST
by
NewLand
(We shall all hang together or most assuredly we will all hang separately)
To: Pan_Yan
Hey Zero... These people are NOT as stupid as Pelosi, etal, K?
47
posted on
11/15/2009 4:03:18 PM PST
by
Brad’s Gramma
(BG x 2 (and a heartbeat was heard today....))
To: Pan_Yan
On a serious note. What if all the tea partiers started circulating petitions saying, “As the Taxpayers of the USA and Voters, as soon as we regain control of our Govt. we WILL NOT repay the debt to China and Japan.” and then forward it to their leaders. Can you imagine a few million signatures saying, We will NOT PAY!
48
posted on
11/15/2009 4:04:04 PM PST
by
John.Galt2012
(I'll take Liberty and you can keep the "Change"!)
To: Clintonfatigued
He is free to do any talk he wants. I am only interest in his final decision.
49
posted on
11/15/2009 4:04:53 PM PST
by
TigerLikesRooster
(LUV DIC -- L,U,V-shaped recession, Depression, Inflation, Collapse)
To: Pan_Yan
Scumbag Two Faced Kenyan Liar.
50
posted on
11/15/2009 4:05:36 PM PST
by
Cheetahcat
(Zero the Wright kind of Racist! We are in a state of War with Democrats)
To: Pan_Yan
Apparently The Won thinks the Chinese are as dumb as he thinks American citizens are. Is he dumb enough to think the Chinese will have a popular vote on our debt to them?
51
posted on
11/15/2009 4:06:00 PM PST
by
TigersEye
(0bama is our first Port of Entry President - I hope he goes home.)
To: Pan_Yan
52
posted on
11/15/2009 4:09:06 PM PST
by
Victor
(If an expert says it can't be done, get another expert." -David Ben-Gurion, the first Prime Minister)
To: hinckley buzzard
Debt powering investment is a good thing. Debt powering consumption is the very bullsh*t we have had and are now paying for. How tragic that Chicago slim doesn't know the difference. I'm afraid it's not a matter of 'they don't know', it's a matter of 'they don't care'. If bringing the U.S. down to the level of the other nations is their goal then this is just lip service. The spending will continue until all American wealth is gone.
53
posted on
11/15/2009 4:11:46 PM PST
by
Pan_Yan
(All gray areas are fabrications.)
To: Pan_Yan
Even the Groveler-In-Chief couldn't say it with a straight face.
54
posted on
11/15/2009 4:17:04 PM PST
by
Sooth2222
("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
To: Pan_Yan
Barack Obama assures Asia that US borrowing will not spiral out of control
ASIA'S RESPONSE:
To: Pan_Yan
I ran my eyes over the headline very quickly, and thought it said,
Barack Obama assures Asia that US bowing will not spiral out of control.
Well, could be.
56
posted on
11/15/2009 4:20:43 PM PST
by
Mrs. Don-o
("It's no exaggeration to say that the undecideds could go one way or the other." George Bush)
To: Pan_Yan
That’s up there with “the last thing the government wants to do is take over the car industry”
etc.
57
posted on
11/15/2009 4:21:54 PM PST
by
zipper
To: Pan_Yan
Get your 2009 D.C. Convention/Tea Party Express I/March On D.C. DVD's! They're finally here! Featuring Lloyd Marcus, Lisa Mei Norton, Lt. Col. Allen West, Joyce Kaufman, Andrew Wilkow, and much more!
2009 D.C. Convention DVD Thread
58
posted on
11/15/2009 4:22:30 PM PST
by
Rafterman
("If you kill enough of them, they stop fighting." -- Curtis LeMay)
To: Victor
I do not. I report the facts accurately.
59
posted on
11/15/2009 4:28:33 PM PST
by
Pan_Yan
(All gray areas are fabrications.)
To: Pan_Yan
vowing a major drive to cut the budget deficit and restore global confidence in the US dollar. Ttranslation: Big tax increase coming.
60
posted on
11/15/2009 4:31:11 PM PST
by
denydenydeny
(The Left sees taxpayers the way Dr Frankenstein saw the local cemetery; raw material for experiments)
Navigation: use the links below to view more comments.
first previous 1-20, 21-40, 41-60, 61-80 ... 101-103 next last
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson
